New York , Oct. 11, 2023 (GLOBE NEWSWIRE) -- The global Health Information Exchange Market size is slated to expand at 8 % CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 20 billion by the end of 2035, up from a revenue of USD 10 billion in the year 2022. The demand for electronic health records (EHRs) has been steadily increasing over the years, driving the growth of the Health Information Exchange Market. As of 2021 the adoption rate of health records (EHR) among office-based physicians, in the United States stands at almost 89% while approximately 79% have embraced a certified EHR system. With EHRs, healthcare professionals can access comprehensive patient data, including medical history, lab results, and medication lists, which can help them make more informed decisions about patient care.
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Health Information Exchange Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- Healthcare segment to garner the highest growth
- Market in North America to grow at a significant rate
Increased Interoperability to Boost Market Growth
Interoperability, or the ability of different healthcare systems and providers to seamlessly exchange patient data, has been a major driver of the growth of the Health Information Exchange Market. For example, imagine a patient who is receiving care from multiple providers across different healthcare systems. Over 44% of respondents indicated that they intend to maintain a similar level of investment in interoperability in 2023 compared to the previous year, in the United States. Without interoperability, each provider would have access only to their own limited view of the patient's health history. But with Health Information Exchange, all of the patient's data can be aggregated and shared among providers, leading to better-informed treatment decisions and improved patient outcomes.
Health Information Exchange Market: Regional Overview
The global health information exchange market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Adoption of Healthcare IT Solutions to Drive the Growth in the Asia Pacific Region
The health information exchange market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. This is due to its aging population, rising healthcare expenditure, and growing need for improved healthcare outcomes. Additionally, governments in Asia Pacific countries are investing in healthcare IT solutions, such as EHRs and HIEs, to better manage their healthcare systems. According to a study the implementation of electronic health records (EHR) in countries across the Asia Pacific region has witnessed a significant rise with adoption rates surging from 36%, in 2011 to an impressive 75% by the end of 2020.
Implementation of Government initiatives to Drive the Growth in the North America Region
The North America region is estimated to garner the largest revenue by the end of 2035. Government initiatives in region such as the HITECH Act and Meaningful Use have played a significant role in the growth of the Market. The HITECH Act was enacted in 2009 to promote the adoption of electronic health records (EHRs) and improve patient care through the use of technology. Similarly, Meaningful Use is a set of standards developed by the Centers for Medicare & Medicaid Services (CMS) to ensure that healthcare providers are using EHRs in a meaningful way. This initiative has also contributed to the growth of the Market by promoting the exchange of health information between providers and improving patient outcomes.
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Health Information Exchange Segmentation by Type
- Directed Exchange
- Query-Based Exchange
The directed exchange segment is anticipated to hold the largest revenue by the end of 2035 driven by the increasing demand for interoperability between healthcare systems and the need for secure exchange of patient information. Additionally, this segment is expected to grow due to the introduction of new technologies such as cloud computing and artificial intelligence. The use of cloud technology, in the healthcare sector is expanding rapidly with projections indicating that worldwide expenditure will surpass USD 90 billion by 2027. Cloud technology provides a platform for healthcare organizations to store and exchange data securely, while also making it easier to access and share data across multiple locations.
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Health Information Exchange Segmentation by End User
- Healthcare
- Insurance Companies
- Patients
The healthcare segment is anticipated to hold the largest revenue by the end of 2035. HIEs help to reduce errors by providing healthcare providers with access to accurate and up-to-date information about the patient's medical history, allergies, and other vital data. This helps to reduce the need for unnecessary tests and procedures, as well as to improve overall patient care. According to a research article published in the Journal of the American Medical Informatics Association (JAMIA) healthcare professionals engaged in activities related to Health Information Exchange (HIE) reported enhanced care coordination, for 74% of their patients. Furthermore, IEs also help to streamline communication between healthcare providers and patients, making it easier for patients to get the care they need.
A few of the well-known market leaders in the global health information exchange market that are profiled by Research Nester are Epic Systems Corporation, Cerner Corporation, Allscripts Healthcare Solutions, Inc., MEDITECH eClinicalWorks, NextGen Healthcare, Inc., athenahealth, Inc., Greenway Health, LLC, Orion Health, InterSystems Corporation., and other key market players.
Recent Developments in the Market
- Epic Systems gained attention when it unveiled a collaboration with Ochsner Health, a healthcare system based in Louisiana. Their joint effort aimed to establish a telehealth platform called "Epic Telehealth," which enables patients to receive virtual care services. Through this platform patient can connect with providers from Ochsner Health, for consultations and medical guidance.
- Cerner and Amazon Web Services (AWS) joined forces in a partnership to expedite healthcare innovation. Their collaboration focuses on utilizing Cerners electronic health record data alongside the cloud computing capabilities of AWS. The goal is to generate insights and enhance patient outcomes through this synergistic approach.
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